Naval Radar Market
Naval Radar Market Analysis by Surveillance Radars, Fire Control Radars, and Navigation Radars from 2023 to 2033
Analysis of Naval Radar Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Naval Radar Market Growth Outlook (2023 to 2033)
The global naval radar market size has reached US$ 12.5 billion in 2023 and is forecasted to end up at US$ 20 billion by 2033. Over the next ten years, Fact.MR’s research projects global demand for naval radars to rise at 4.8% CAGR.
Marine borders have gained prominent strategic importance in military and defense operations around the world, which has resulted in rising spending on naval fleets. Increasing global trade through shipping is also anticipated to uplift the demand for naval radar systems over the coming years.
Rising disposable income and an increasing number of high net-worth individuals around the world have resulted in high sales of boats and luxury yachts, which is estimated to uplift shipments of maritime radar devices across the forecast period.
Increasing defense budgets, rising geopolitical tensions, technological advancements in the naval radar industry, expanding scope of military operations, and integration of naval radars with different maritime systems and technologies are also slated to offer attractive market growth scope going forward.
- In March 2023, China stated that its defense spending was expected to rise by 7.2% in 2023, which is the fastest pace recorded since 2019 as tensions with the United States escalate on various issues. The Ministry of Finance of China also reported that the military expenditure is estimated to reach US$ 225 billion by the end of 2023.
On the flip side, the implementation of strict regulatory mandates and lack of standardization in shipbuilding industries around the world are expected to be key restraints for naval radar market development in the future. Changing climatic conditions are also expected to prove to be a major challenge for naval radar system manufacturers over the next ten years.
A detailed assessment of factors such as supply chain management, product standards, pricing trends, etc., and their effect on the regional and global level has been elaborately discussed in this latest naval radar market research report by the skilled analysts at Fact.MR, a market research and competitive intelligence provider.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 12.5 Billion |
| Projected Market Value (2033F) | US$ 20 Billion |
| Global Market Growth Rate (2023 to 2033) | 4.8% CAGR |
| Market Share of Navigation Radar (2033F) | >25% |
| Asia Pacific Market Growth Rate (2023 to 2033) | 5% CAGR |
| Key Companies Profiled | Lockheed Martin Corporation; JRC (Alphatron Marine); Garmin; Navico Group As; Transas Marine International AB; Northrop Grumman Corporation; Koden Electronics Co. Ltd.; Furuno Electric Co. Ltd.; GEM Elettronica; Raytheon Company; Kongsberg Maritime AS; Wärtsilä SAM Electronics Gmbh; Rutter Inc.; Saab AB; Tokyo Keiki Inc.; FLIR Systems Inc.; Kelvin Hughes Limited; BAE Systems; Japan Radio Co. |
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How Can New Maritime Radar Companies Make a Mark in This Industry?
“Advancements in Radar Technology - Requisite for Successful Start-ups”
Incoming naval radar suppliers are focusing on finding new applications for naval radar technologies and also investing in research and development to hasten the launch of novel systems with advanced capabilities.
- Next Ocean, a new company founded in 2016 and based in the Netherlands, developed an ocean wave prediction solution that uses ship’s navigation radar. The solution derives results from raw radar data and the company also provides algorithms that enable real-time wave prediction.
- HawkEye 360, a Virginia-based start-up, has come up with a solution to use a constellation of small satellites to bolster maritime awareness. The firm tracks and locates the source of commercial radio frequencies even when the ships turn off their AIS (automatic identification system) to hide the position of their vessels. The company can do so by incorporating machine learning algorithms that they developed in partnership with Amazon’s ML Solutions Lab.
Autonomous and smart ships are expected to be the next big thing in the marine industry over the coming years and this could open up new frontiers of opportunity for naval radar start-ups across the forecast period and beyond.
Country-wise Insights
What Attracts Naval Radar Companies Toward the United States?
“High Spending on Defense - Vital Aspect Attracting New Investments”
The United States is known to be a big spender in the military and defense sector, which is projected to primarily attract naval radar companies toward the country in the future.
- As per an article published on USASpending, the Department of Defense (DOD) of the United States had distributed US$ 1.98 trillion among 6 sub-components of the military and defense aspects for the financial year 2023.
Increasing spending on the upgradation of advanced naval systems on ships, the presence of key naval radar companies, rapid adoption of advanced radar technologies, expanding naval fleet, and rising demand for coastal surveillance are other prospects that could augment sales of maritime radar systems over the next ten years.
- In January 2022, Flight IIA Arleigh Burke-class destroyers of the United States Navy fleet were expected to start getting an upgrade to SPY-6 V (4) radars from Raytheon, as part of a US$ 237 billion contract awarded to the company in early December 2021.
Which Influential Aspect Has Revitalized Naval Radar Demand in European Countries?
“Russian Invasion of Ukraine Has Hiked Defense Budgets across Europe”
Europe, being a tight-knit continent packed with many countries, has the potential for many geopolitical tensions that could boil into an all-out war resulting in devastating consequences as the world has seen in the previous World Wars.
- The Russia-Ukraine war that broke out in 2022 has sent shockwaves throughout the world, especially in European countries, which have consequently announced an increase in their defense budgets.
- In March 2023, the prime minister of the United Kingdom, Rishi Sunak, vowed to increase the defense spending of the country by US$ 6.25 billion over the next two years to counter threats and bolster its defense infrastructure.
Increasing focus on strengthening and expanding naval fleets and rapid adoption of advanced maritime radar technologies are also expected to favor sales of naval radar equipment in countries such as Germany and the United Kingdom through 2033.
Will Japan Be an Opportune Market for Naval Radar Providers?
“Presence of Robust Shipbuilding Industry - Key to Unlock Immense Potential”
Japan ranks third in the world in terms of shipbuilding and second in terms of shipping, which makes it a highly opportunistic marketplace not only in the APAC region but also across the world. Increasing investments in the aforementioned sectors by public and private sectors are expected to uplift sales of naval radar equipment in the country over the next ten years.
- In October 2021, the Japanese Shipowners’ Association (JSA), revealed that it had plans of investing US$ 280 billion in the shipping sector to achieve zero-carbon targets by the end of 2050.
Increasing adoption of advanced technologies in the Japanese navy and shipping fleets and growing marine trade activity in the country are also predicted to create new opportunities for established as well as new maritime radar companies going forward.
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Category-wise Insights
Which Type of Naval Radar Will Gain Immense Popularity in the Future?
“Robust Spending on Defense Bolstering Demand for Surveillance Radar Systems”
Based on type, the naval radar market is segmented into surveillance radar, fire control radar, and navigation radar.
Mounting geopolitical tensions around the world and increasing spending on defense to safeguard borders by different countries are expected to bolster demand for surveillance radar systems over the coming years. Advancements in radar and detection technologies are also projected to favor shipments of naval surveillance radar devices across the forecast period.
Increasing deployment of advanced radar systems and upgradation of radars on ships are also expected to favor market growth in the future. Meanwhile, sales of navigation radar systems are estimated to increase steadily over the next ten years owing to high use by all types of ships and naval vessels for tracking and positioning.
- Navigation radar system shipments are estimated to account for more than 1/4 share of the global marketplace by the end of the forecast period.
Competitive Landscape
Prime naval radar companies are focusing on launching new products to advance their business potential and gain a competitive advantage over other market players in the global landscape.
- In September 2020, Furuno Electric Co. Ltd., a leading name in the naval radar industry announced the launch of its new Magnetron-free Radar/Chart Radar solution in S-band and X-band configurations. The company also launched two new Solid-State X-band models at the same time.
- In April 2019, Wärtsilä, a leading name in marine and energy equipment manufacturing, announced the launch of its new RS24 K-band maritime radar that is capable of detecting small objects efficiently to improve port safety even in busy conditions. The product was expected to be highly important for congested shipping routes to avoid issues.
Collaborations, mergers, and acquisitions are also expected to be popular strategies among naval radar providers to hasten the development and launch of novel naval radar systems.
More information about new developments and strategies adopted by leading naval radar providers such as Wärtsilä SAM Electronics Gmbh, Rutter Inc., Saab AB, Tokyo Keiki Inc., and FLIR Systems Inc. to increase their market presence has been mentioned in this Fact.MR research analysis.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Key Segments of Naval Radar Industry Research
-
By Type :
- Naval Surveillance Radar
- Naval Fire Control Radar
- Naval Navigation Radar
-
By Component :
- Antennas
- Transmitters
- Receivers
- Power Amplifiers
-
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Type
- 9.1. Naval Surveillance Radar
- 9.2. Naval Fire Control Radar
- 9.3. Naval Navigation Radar
- 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Component
- 10.1. Antennas
- 10.2. Transmitters
- 10.3. Receivers
- 10.4. Power Amplifiers
- 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 19. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. Lockheed Martin Corporation
- 21.2. JRC (Alphatron Marine)
- 21.3. Garmin
- 21.4. Navico Group As
- 21.5. Transas Marine International AB
- 21.6. Northrop Grumman Corporation
- 21.7. Koden Electronics Co. Ltd.
- 21.8. Furuno Electric Co. Ltd.
- 21.9. GEM Elettronica
- 21.10. Raytheon Company
- 21.11. Kongsberg Maritime AS
- 21.12. Wärtsilä SAM Electronics Gmbh
- 21.13. Rutter Inc.
- 21.14. Saab AB
- 21.15. Tokyo Keiki Inc.
- 21.16. FLIR Systems Inc.
- 21.17. Kelvin Hughes Limited
- 21.18. BAE Systems
- 21.19. Japan Radio Co.
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Component
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022
Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033
Figure 03: Pricing Analysis (US$) Per Type, By Region, 2022
Figure 04: Pricing Analysis (US$) Per Type, By Region, 2022
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022
Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033
Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033
Figure 08: Global Market Share Analysis (%), By Type, 2023 to 2033
Figure 09: Global Market Y-o-Y Analysis (%), By Type, 2023 to 2033
Figure 10: Global Market Attractiveness Analysis by Type, 2023 to 2033
Figure 11: Global Market Share Analysis (%), By Component, 2023 to 2033
Figure 12: Global Market Y-o-Y Analysis (%), By Component, 2023 to 2033
Figure 13: Global Market Attractiveness Analysis by Component, 2023 to 2033
Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033
Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033
Figure 17: North America Market Value Share, By Type, 2023 (E)
Figure 18: North America Market Value Share, By Component, 2023 (E)
Figure 19: North America Market Value Share, By Country, 2023 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 22: North America Market Attractiveness Analysis by Type, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis by Component, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 25: Latin America Market Value Share, By Type, 2023 (E)
Figure 26: Latin America Market Value Share, By Component, 2023 (E)
Figure 27: Latin America Market Value Share, By Country, 2023 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis by Type, 2023 to 2033
Figure 31: Latin America Market Attractiveness Analysis by Component, 2023 to 2033
Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 33: Europe Market Value Share, By Type, 2023 (E)
Figure 34: Europe Market Value Share, By Component, 2023 (E)
Figure 35: Europe Market Value Share, By Country, 2023 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022
Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033
Figure 38: Europe Market Attractiveness Analysis by Type, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis by Component, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 41: South Asia Market Value Share, By Type, 2023 (E)
Figure 42: South Asia Market Value Share, By Component, 2023 (E)
Figure 43: South Asia Market Value Share, By Country, 2023 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 46: South Asia Market Attractiveness Analysis by Type, 2023 to 2033
Figure 47: South Asia Market Attractiveness Analysis by Component, 2023 to 2033
Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 49: East Asia Market Value Share, By Type, 2023 (E)
Figure 50: East Asia Market Value Share, By Component, 2023 (E)
Figure 51: East Asia Market Value Share, By Country, 2023 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 54: East Asia Market Attractiveness Analysis by Type, 2023 to 2033
Figure 55: East Asia Market Attractiveness Analysis by Component, 2023 to 2033
Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 57: Oceania Market Value Share, By Type, 2023 (E)
Figure 58: Oceania Market Value Share, By Component, 2023 (E)
Figure 59: Oceania Market Value Share, By Country, 2023 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022
Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033
Figure 62: Oceania Market Attractiveness Analysis by Type, 2023 to 2033
Figure 63: Oceania Market Attractiveness Analysis by Component, 2023 to 2033
Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 65: Middle East and Africa Market Value Share, By Type, 2023 (E)
Figure 66: Middle East and Africa Market Value Share, By Component, 2023 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033
Figure 70: Middle East and Africa Market Attractiveness Analysis by Type, 2023 to 2033
Figure 71: Middle East and Africa Market Attractiveness Analysis by Component, 2023 to 2033
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033
Figure 74: UNITED STATES Market Value Share, By Type, 2023 (E)
Figure 75: UNITED STATES Market Value Share, By Component, 2023 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033
Figure 77: Canada Market Value Share, By Type, 2023 (E)
Figure 78: Canada Market Value Share, By Component, 2023 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033
Figure 80: Mexico Market Value Share, By Type, 2023 (E)
Figure 81: Mexico Market Value Share, By Component, 2023 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033
Figure 83: Brazil Market Value Share, By Type, 2023 (E)
Figure 84: Brazil Market Value Share, By Component, 2023 (E)
Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033
Figure 86: UNITED KINGDOM Market Value Share, By Type, 2023 (E)
Figure 87: UNITED KINGDOM Market Value Share, By Component, 2023 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033
Figure 89: Germany Market Value Share, By Type, 2023 (E)
Figure 90: Germany Market Value Share, By Component, 2023 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033
Figure 92: France Market Value Share, By Type, 2023 (E)
Figure 93: France Market Value Share, By Component, 2023 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033
Figure 95: Italy Market Value Share, By Type, 2023 (E)
Figure 96: Italy Market Value Share, By Component, 2023 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033
Figure 98: Spain Market Value Share, By Type, 2023 (E)
Figure 99: Spain Market Value Share, By Component, 2023 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 101: Russia Market Value Share, By Type, 2023 (E)
Figure 102: Russia Market Value Share, By Component, 2023 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033
Figure 104: China Market Value Share, By Type, 2023 (E)
Figure 105: China Market Value Share, By Component, 2023 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033
Figure 107: Japan Market Value Share, By Type, 2023 (E)
Figure 108: Japan Market Value Share, By Component, 2023 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033
Figure 110: South Korea Market Value Share, By Type, 2023 (E)
Figure 111: South Korea Market Value Share, By Component, 2023 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033
Figure 113: India Market Value Share, By Type, 2023 (E)
Figure 114: India Market Value Share, By Component, 2023 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033
Figure 116: ASEAN Market Value Share, By Type, 2023 (E)
Figure 117: ASEAN Market Value Share, By Component, 2023 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 119: Australia Market Value Share, By Type, 2023 (E)
Figure 120: Australia Market Value Share, By Component, 2023 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033
Figure 122: New Zealand Market Value Share, By Type, 2023 (E)
Figure 123: New Zealand Market Value Share, By Component, 2023 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033
Figure 125: GCC Countries Market Value Share, By Type, 2023 (E)
Figure 126: GCC Countries Market Value Share, By Component, 2023 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033
Figure 128: Turkey Market Value Share, By Type, 2023 (E)
Figure 129: Turkey Market Value Share, By Component, 2023 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033
Figure 131: South Africa Market Value Share, By Type, 2023 (E)
Figure 132: South Africa Market Value Share, By Component, 2023 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How big is the global naval radar market in 2023?
The global naval radar market is valued at US$ 12.5 billion in 2023.
What value is the naval radar market expected to reach by 2033?
Revenue from the naval radar industry is forecasted to reach US$ 20 billion by 2033-end.
At what pace will the demand for naval radar rise?
Worldwide naval radar demand is predicted to rise at 4.8% CAGR from 2023 to 2033.
What is the predicted market share of navigation radar?
Naval navigation radar is estimated to account for 25% share of the global market by 2033.
Who are the prime naval radar companies?
Northrop Grumman Corporation, Koden Electronics Co. Ltd., Furuno Electric Co. Ltd., GEM Elettronica, and Raytheon Company are leading manufacturers of naval radar.
Naval Radar Market